Last week, I was paying 75 bucks for my beer against payment of Rs. 100 bill and the vendor returns two Rs. 10 bills and a packet of bhujiya (snack), manufactured in the backyards of Chandni Chowk, Sadar Bazar or some other shady industrial/trading area of New Delhi. That was too much for me, one rupee coin has long been replaced by toffees/candies/chewing gums, everybody has understood the concept and nowadays at times, even I trade toffees/candies. In case some shopkeeper offers me toffee/candies for a rupee or two, I try to give it back to him or other shopkeeper (in case he is offering toffees/candies as a currency replacement). The only argument from my end is always, if you are offering toffees instead of coins, then you can accept it also.
But five bucks took me by a jolt, not in the sense that five bucks is very crucial to my existence but then I believe, first I don’t want that packet of bhujiya and second as a legal contract he is bound to pay me five bucks. Third shopkeepers are cornering tidy profits by offering their wares as currency.
But five bucks took me by a jolt, not in the sense that five bucks is very crucial to my existence but then I believe, first I don’t want that packet of bhujiya and second as a legal contract he is bound to pay me five bucks. Third shopkeepers are cornering tidy profits by offering their wares as currency.
One of my friends, who runs wholesale drugs (medicine) shop, has a big box candies in his drawer. He puts his hands more in the candy box then in his cash box during the day. Not that he is fond of toffees/candies. He clarifies, “One to four rupee leftovers are made in terms of toffees/candies. It’s difficult to obtain coins from the banks and to manage coins is another hassle.”
It sums up the state of the Economy of the world’s largest secular democratic nation in the world. The central bank is not able to print/float/manage enough currency in the market. Whatever the reasons are?
On the contrary, it’s not about the efficiency/inefficiency of central bank. A large part of the coins printed/floated in the Indian economy are offered as service to Gods, beggars control a significant amount of coins. Even beggars don’t appreciate who offer coins, they want rupees. But then they are not saving/spending completely in coins, a lot can be said and heard about the same, perhaps we need some study to figure out the dilemma, functions, operations and issues around the same.
India is a developing nation, perhaps second nation with a consistent growth level achieved globally. There are new classes emerging in India, from low, middle to upper to very poor, poor, middle, middle burgeoning, middle splurging, rich, urban rich, rural rich, newly rich, techie rich, idea rich, filthy rich, freaking rich, globally rich. Compared to America, we are still an anna size economy, but still it knows, understands and respects the value of 1 cent, the smallest denomination of their currency (Dollar). And India, a land of feudals and tribals has discarded the value of One Rupee. So much so, it is totally into extinction and the value of the same is lost.
In the same vain, Rupee Five Currency Notes is not in print and RBI plans to replace Ten Rupee Currency Notes with coins. The heavy steel coin encased in a copper shell, what is the point of floating such heavy currency in the market. It’s difficult and cumbersome to carry and trade with such heavy coins. In developed nations, we find such a wide range of coins and currency and never once would find 1 cent, 1 Yen will lose its value, the way it has been discarded in India. A day will come when toffees/candies will become currency or is it already so? Keep thinking what will toffee/candy manufacturers might become?
It sums up the state of the Economy of the world’s largest secular democratic nation in the world. The central bank is not able to print/float/manage enough currency in the market. Whatever the reasons are?
On the contrary, it’s not about the efficiency/inefficiency of central bank. A large part of the coins printed/floated in the Indian economy are offered as service to Gods, beggars control a significant amount of coins. Even beggars don’t appreciate who offer coins, they want rupees. But then they are not saving/spending completely in coins, a lot can be said and heard about the same, perhaps we need some study to figure out the dilemma, functions, operations and issues around the same.
India is a developing nation, perhaps second nation with a consistent growth level achieved globally. There are new classes emerging in India, from low, middle to upper to very poor, poor, middle, middle burgeoning, middle splurging, rich, urban rich, rural rich, newly rich, techie rich, idea rich, filthy rich, freaking rich, globally rich. Compared to America, we are still an anna size economy, but still it knows, understands and respects the value of 1 cent, the smallest denomination of their currency (Dollar). And India, a land of feudals and tribals has discarded the value of One Rupee. So much so, it is totally into extinction and the value of the same is lost.
In the same vain, Rupee Five Currency Notes is not in print and RBI plans to replace Ten Rupee Currency Notes with coins. The heavy steel coin encased in a copper shell, what is the point of floating such heavy currency in the market. It’s difficult and cumbersome to carry and trade with such heavy coins. In developed nations, we find such a wide range of coins and currency and never once would find 1 cent, 1 Yen will lose its value, the way it has been discarded in India. A day will come when toffees/candies will become currency or is it already so? Keep thinking what will toffee/candy manufacturers might become?
Toffee and candies have taken the position of One Rupee and One Rupee is lost in the glitter of our so called and ultra famed burgeoning booming economy of India.
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